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Valve Manufacturing

Flowserve Corporation Reports Second Quarter 2013 Earnings

Flowserve's financial results for the first six months of 2013 are highlighted by fully diluted EPS of $1.51 per split-adjusted share, up 23.8%, on a 3.5% increase in total sales to $2.3 billion. Gross profit of $794.9 million and operating income of $354.0 million, during the first half of 2013, represented margins of 34.0%, up 100 basis points, and 15.2%, up 160 basis points, respectively. Bookings for the six months ended June 30, 2013 totaled over $2.4 billion.

Tom Pajonas, senior vice president and COO, said, "The strength of our operating model, particularly the benefits of our diversification, was evident this quarter. In a mixed market and while awaiting the release of larger projects, our operational performance was solid. We recognized significant improvement in gross margin, primarily at the Industrial Product Division and Flow Control Division segments.”

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